7 WAYS TO SPEED UP YOUR AGENCY’S RECEIVABLES By Todd Sorrel, ePayPolicy Co-Founder We’ve all had them. Chronic late payers. Clients who violate your payment terms can wreak havoc with your agency’s cash flow. Add to that the reality of COVID-19. It’s anything but business as usual. This makes it more important than ever to rev up your payment collection and make sure you get paid timely. You may know businesses that protect themselves against accounts receivable losses with A/R insurance / trade credit insurance. You may even be one of the specialty brokers that sell it. We hope you will never need such coverage.
14
Yet you should not need to shield yourself from lateand non-paying policyholders. The key is to speed up the payment process and minimize the chance of nonpayment. We’ve put together seven tips to help you do just that.
1. GO DIGITAL We’ve said it before, and we’ll say it again: Consumers (including businesses) have long since embraced digital payment. They live in a 24/7 digital world and they expect to pay instantaneously for purchases. The keyword here is “instantaneously.” It’s 2021. It’s time. JUNE 2021
